LAS VEGAS, Aug. 22, 2023 /PRNewswire/ -- JanOne (Nasdaq:
JAN) (the "Company"), a biopharmaceutical company specializing in
developing non-addicting pain killers and treatments for underlying
causes of pain, today announced that it has closed its previously
announced registered direct offering for the purchase and sale of
899,348 shares of the Company's common stock (or prefunded warrants
in lieu thereof) at a purchase price of $0.8811 per share of common stock (or prefunded
warrant) in a registered direct offering priced at-the-market under
Nasdaq rules. In addition, in a concurrent private placement, the
Company issued unregistered warrants to purchase 899,348 shares of
common stock at an exercise price of $0.7561 per share. The warrants are exercisable
immediately and have a term of exercise equal to five years.
H.C. Wainwright & Co. acted
as the exclusive placement agent
for the offering.
The gross proceeds to the Company from the offerings were
approximately $790,000, before
deducting the placement agent's fees and other offering expenses
payable by the Company. The Company intends to use the net proceeds
from the offerings for working capital and general corporate
purposes.
The shares of common stock, prefunded warrants and shares of
common stock underlying the prefunded warrants described above (but
not the warrants issued in the concurrent private placement or the
shares of common stock underlying the warrants) were offered by the
Company pursuant to a "shelf" registration statement on Form S-3
(File No. 333-251645) previously filed with the Securities and
Exchange Commission (the "SEC") and declared effective by the SEC
on December 29, 2020. The offering of
the shares of common stock and prefunded warrants was made only by
means of a prospectus, including a prospectus supplement, forming a
part of the effective registration statement. A final prospectus
supplement and accompanying prospectus relating to the registered
direct offering will be filed with the SEC. Electronic copies of
the final prospectus supplement and accompanying prospectus may be
obtained on the SEC's website at http://www.sec.gov or by
contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by
phone at (212) 865-5711 or e-mail at placements@hcwco.com.
The warrants described above were issued in a concurrent private
placement under Section 4(a)(2) of the Securities Act of 1933, as
amended (the "Securities Act"), and Regulation D promulgated
thereunder and, along with the shares of common stock underlying
the warrants, have not been registered under the Securities Act, or
applicable state securities laws. Accordingly, the warrants and
underlying shares of common stock may not be offered or sold in
the United States except pursuant
to an effective registration statement or an applicable exemption
from the registration requirements of the Securities Act and such
applicable state securities laws.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About JanOne Inc.
JanOne is a unique Nasdaq-listed company offering innovative,
actionable solutions that it believes can help end the opioid
crisis. JanOne is dedicated to funding resources toward innovation,
technology, and education to find a key resolution to the national
opioid epidemic, which is one of the deadliest and most widespread
in the nation's history. Its drugs in the clinical trial pipeline
have shown promise for their innovative targeting of the causes of
pain as a strategic option for physicians averse to exposing
patients to addictive opioids. Please visit www.janone.com for
additional information.
Forward-Looking Statements
This press release contains statements that are forward-looking
statements as defined within the Private Securities Litigation
Reform Act of 1995, including, but not limited to, statements
relating to statements regarding the anticipated use of proceeds
from the offerings, as well as statements relating to the
statements that JAN 101 will treat PAD, that JAN 123 will treat
CRPS, the timing of the commencement of further clinical trials,
that the FDA will permit approval through a 505(b)(2) pathway for
JAN 123, that upon approval JAN 101 will immediately disrupt the
PAD market, and other statements, including words such as
"continue", "expect", "intend", "will", "hope" "should", "would",
"may", "potential" and other similar expressions. Such
statements reflect JanOne's current view with respect to future
events, are subject to risks and uncertainties, including market
and other conditions, and are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
JanOne, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies.
Many factors could cause JanOne's actual results, performance or
achievements to be materially different from any future results,
performance or achievements described in this press release. Such
factors could include, among others, those detailed in the
Company's periodic reports filed with the Securities and Exchange
Commission (the "SEC").
Should one or more of these risks or uncertainties materialize,
or should the assumptions set out in the section entitled "Risk
Factors" in JanOne's filings with the SEC underlying those
forward-looking statements prove incorrect, actual results may vary
materially from those described herein. These forward-looking
statements are made as of the date of this press release and JanOne
does not intend, and does not assume any obligation, to update
these forward-looking statements, except as required by law. JanOne
cannot assure that such statements will prove to be accurate as
actual results and future events could differ materially from those
anticipated in such statements. Individuals are cautioned that
forward-looking statements are not guarantees of future performance
and accordingly investors are cautioned not to put undue reliance
on forward-looking statements due to the inherent uncertainty
therein.
Media Contact
Investor Relations
IR@janone.com
1-800-400-2247
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SOURCE JanOne Inc.